Inflation-Adjusted ROEs

Strong Effectes Even with Low Inflation

Managing director and director of research at Salomon Brothers Inc in New York. He joined Salomon in 1969 to form the first research unit directed toward portjolio analysis in the fixed-income area. Dr. Leibowitz holds bachelor's and master's degrees from the University of Chicago and a doctorate in mathematics from New York University. He serves on the Executive Council of The New York Academy of Sciences and is a member of the Board of the Institute for Quantitative Research in Finance.

Director-research at Salomon Brothers Inc. His recent research includes studies on the shortfall approach to asset allocation and surplus management and "panchise factor" models for equity valuation and spread banking. He holds B.S., M.S., and Ph.D. degrees in mathematics from Rensselaer Polytechnic Institute. Prior to joining Salomon Brothers, Dr. Kogelman was chairman of the mathematics department at SUNY Purchase.